Required information P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 [The following information applies to the questions displayed below.] Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,300 cash. b. Lent $6,700 to a supplier who signed a two-year note. c. Purchased equipment that cost $24,000; paid $4,200 cash and signed a one-year note for the balance. d. Hired a new president at the end of the year. The contract was for $85,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 1,000 shares of $0.50 par value common stock for $10,000 cash. f. Borrowed $10,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,100 cash. h. Built an addition to the factory for $21,000; paid $7,500 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $2,900. 5. Prepare a classified balance sheet at December 31 of the current year